Airtel ties up with Sahaj to extend banking facility

New Delhi, India, October 4, 2013: Sahaj eVillage Limited, a Srei Venture Initiative has entered into an arrangement with Airtel M Commerce Services Limited (AMSL), a wholly owned subsidiary of Bharti Airtel to extend banking facility to citizens in three districts of Uttar Pradesh – Varanasi, Jaunpur and Gorakhpur through the ubiquitous mobile platform.

Sahaj’s tie up with Airtel Money aims to offer basic banking services to the villagers, the most financially excluded populations in India. The alliance will ensure the opening of no-frills savings account for rural customers through Airtel Money Super Account powered by Axis Bank, which will offer customers at the Sahaj Jan Seva Kendra in Uttar Pradesh, banking transactions including cash deposit, money transfer and cash withdrawal, paving way for convenient, safe and secure platform to the villagers. The account shall also earn savings account interest @4%, which shall help the villagers make remittances.

Srinivasa Rao, CEO, Airtel, UP & Bihar said, “Through this alliance, Airtel and Sahaj hope to bring banking facilities at an arm’s length to all our customers of Uttar Pradesh East. This is a small first step aimed at improving the financial independence of unbanked masses in the region.

Umesh Rao, President, Sales & Marketing, Sahaj e-Village Ltd., said, “It is worth a mention here that Sahaj, being pro-financial inclusion, already has over 550 business correspondents in Uttar Pradesh in arrangement with various banks. Speaking about this latest & convenient mode of inclusion introduced through Sahaj. Inclusion through the mobile mode is the future, considering the fact that mobile connectivity has made inroads into the deepest pockets of Rural India. This is a giant step by Sahaj in taking the benefits of financial inclusion through m-commerce to the large population of rural citizens in Uttar Pradesh we serve through our huge network of over 8,000 centers. This is yet another step at bridging the gap between rural & urban markets.”